Pier 1 Imports Inc. announced on Tuesday that it will close its remaining 540 stores across the nation, including its six outlets in Mississippi.
Pier 1 announced in January that two stores in Mississippi, including one in Ridgeland, which closed Jan. 28, were to be among the 450 stores the chain would close in an effort to preserve the chain’s viability.
The Pier 1 in Tupelo was to close in April. The other stores in the chain are located in Flowood, Hattiesburg, Southaven and Gulfport.
The chain, which was founded in 1962, will close the remaining stores after it failed to find a buyer.
The chain blamed the corona virus pandemic for being the final straw.
The Fort Worth-based retailer on Tuesday sought bankruptcy-court approval to wind down its operations as soon as possible after its roughly 540 stores are able to reopen their doors and liquidate inventory.
Pier 1, which filed for chapter 11 bankruptcy in February, temporarily closed its stores in March due to the pandemic.
“This decision follows months of working to identify a buyer who would continue to operate our business going forward,” Pier 1 said.
It will permanently close nearly 30 percent of its 846 stores as part of a restructuring plan under bankruptcy protection. The Texas-based retailer said Monday it plans to close about 192 stores by February, then another 50 in 2022. That will leave the company with just over 600 stores.
The retailer has nine stores in Mississippi. They are in Ridgeland in Northpark Mall, Flowood, Biloxi, Greenwood, Hattiesburg, Laurel, Southaven, Starkville and Tupelo.
The company has not disclosed which stores among the 242 will be closed.
BEFORE YOU GO…
… we’d like to ask for your support. More people are reading the Mississippi Business Journal than ever before, but advertising revenues for all conventional media are falling fast. Unlike many, we do not use a pay wall, because we want to continue providing Mississippi’s most comprehensive business news each and every day. But that takes time, money and hard work. We do it because it is important to us … and equally important to you, if you value the flow of trustworthy news and information which have always kept America strong and free for more than 200 years.
If those who read our content will help fund it, we can continue to bring you the very best in news and information. Please consider joining us as a valued member, or if you prefer, make a one-time contribution.Click for more info